HI HR269

Urges Bank of America to fulfill its commitment to lend $150 million under FHA 247 loans for residential mortgages on Hawaiian Home lands.

Bank of America made the original $150 million pledge in 1994 as part of its acquisition of Liberty Bank, with an initial four-year payout timeline from July 1994 to June 1998.

Bank of America reaffirmed the commitment on August 12, 1997 after selling its Hawaii branches to American Savings Bank, and again pledged $150 million during an August 11, 1998 visit by bank representatives to the State.

Federal Reserve Board's acquisition order made Bank of America's commitments enforceable conditions that could be enforced through applicable law proceedings.

Directs certified copies of the resolution be sent to the Governor, Office of Hawaiian Affairs Chairperson, Department of Hawaiian Home Lands Chairperson, and Bank of America's Chief Executive Officer and President.